Corporate Structure

Corporate structure

Through its jointly controlled subsidiaries JMalucelli Seguradora S.A. and JMalucelli Resseguradora S.A., Paraná Banco operates in the surety bond and reinsurance segments, as well as passively in the DPVAT segment (mandatory auto liability insurance). Since 2012 started to operate in the property and casualty segment (P&C) by means of JMalucelli Seguros. In 2012 the insurance business accounted for 28.3% of consolidated net income of the Company.

The chart below shows the structure of the economic group in which the subsidiaries of Paraná Banco are included.

JMalucelli Seguradora S.A

JMalucelli Seguradora S.A. was founded in 1991 as a multi-segment insurance company initially authorized to operate in the property & casualty and group life insurance portfolios. In 1995, it received authorization from the Brazilian Reinsurance Institute (IRB) to operate with surety bonds. Since then, for strategic purposes, JMalucelli Seguradora S.A. has focused its operations and business activities exclusively on this segment.

A surety bond is a type of insurance that guarantees the fulfillment of an obligation established in public, private or bid-generated contracts. In 1997, JMalucelli Seguradora S.A. became the market leader, a position which it has maintained and consolidated ever since. According to SUSEP, in 2012 the company had a 28.3% share of the surety bond segment in terms of net premiums written.

JMalucelli Resseguradora S.A.

JMalucelli Resseguradora S.A. was created in April 2008 to take advantage of business opportunities arising from the opening of the Brazilian reinsurance market. JMalucelli RE reinsures the surety bonds generated by JMalucelli Seguradora, transferring excess risk to other reinsurers. The business model adopted, resulting from the operational convergence of JMalucelli Seguradora S.A. and JMalucelli Resseguradora S.A., has become an important competitive advantage, since it permits higher premium retention by the Company’s insurance group and, consequently, greater profitability.

At the end of 2012, according to SUSEP”s data, in the surety bond and loan insurance category, JMalucelli Resseguradora S.A., which operates exclusively with surety bonds, had 34,4% market share.

JMalucelli Agenciamento e Serviços Ltda.

JMalucelli Agenciamento e Serviços Ltda. is a Paraná Banco subsidiary that manages the Company’s regional offices in Brazil’s leading state capitals.

JMalucelli Participações em Seguros e Resseguros S.A.

JMalucelli Participações em Seguros e Resseguros S.A. is a holding company controlled by Paraná Banco and owner of the shares issued by JMalucelli Seguradora S.A., JMalucelli Resseguradora S.A. and JMalucelli Seguros S.A.

JMalucelli Investimentos Ltda.

JMalucelli Investimentos Ltda. is an asset management and a subsidiary of Paraná Banco that offers investments products for institutions, corporations and individuals. Nowadays it manages 7 funds and had under management in December 2012 R$ 690,1 million.

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